By Glen Hallick, MarketsFarm
WINNIPEG, May 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower on Thursday morning, with the largest declines in the July and November contracts.
Weakness in Chicago soyoil, European rapeseed and Malaysian palm oil weighed on canola values.
The Prairies are receiving precipitation with snow of up five centimeters reported in southern Alberta. Rain is forecast to fall in Saskatchewan and Manitoba today, bringing some much needed moisture.
Concerns over tight supplies of old and new crop canola remained an underlying factor.
The Canadian dollar was relatively steady, with the loonie at 82.69 U.S. cents, compared to Wednesday’s close of 82.64.
About 5,450 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Jul 917.00 dn 16.20
Nov 711.00 dn 10.70
Jan 707.40 dn 8.00
Mar 711.50 up 6.10
